Saleh: The 2027 budget will be ready on schedule in October.

The Prime Minister’s financial advisor, Mazhar Muhammad Salih, revealed that the government will begin preparing the draft federal budget law for 2027 during the month of July, in accordance with the provisions of the Financial Management Law, indicating that “the upcoming budget will differ from its predecessors by adopting an economic vision aimed at stimulating investment, empowering the private sector, and establishing sovereign funds to support infrastructure projects, while continuing to address internal debt and reduce financial waste.” Politicaleconomy blog

On the other hand, Saleh stressed that combating corruption and recovering related funds are a fundamental pillar for enhancing the efficiency of the national economy, reducing investment costs, and supporting the path of sustainable development.

General budget

Saleh told Al-Sabah: “The amended Financial Management Law No. (6) of 2019 requires the Ministry of Finance to begin preparing the draft budget during the month of July, with the draft to be completed in the month of September, and then presented to the Council of Ministers for discussion and approval before being referred to the House of Representatives during the month of October for the purpose of discussion and legislation.”

He added that “the 2026 budget was affected by the economic conditions and challenges that accompanied the developments in the Strait of Hormuz,” explaining that “the deficit is measured by the size of the internal debt, which exceeded 100 trillion dinars, but the government has a clear financial policy to address this issue through reform measures that contribute to strengthening the resource economy and diversifying sources of revenue.”

Saleh pointed out that “Iraq is still facing the effects of accumulated financial waste since 2003,” stressing that “the state is moving towards tightening control over public funds and not allowing the waste of any financial resource in order to enhance financial stability and preserve national wealth.”

He explained that “the 2027 budget will be distinctive because it is consistent with the government’s economic vision, as it will give more space for private sector participation and includes the establishment of sovereign funds dedicated to financing infrastructure projects in a way that supports sustainable development and enhances economic growth during the next stage.”

Combating corruption

Regarding combating corruption and recovering related funds, Saleh stressed that they represent a fundamental pillar for enhancing the efficiency of the national economy, reducing investment costs, and supporting the path of sustainable development, noting that eliminating manifestations of corruption will positively affect the financial and economic performance of the state.

The Prime Minister’s financial advisor stated that “it is difficult to accurately determine the true extent of funds linked to corruption. However, estimates from governance circles within the international business environment point to what is known as ‘Iraq’s cost’ on projects and investments, which in some cases may reach approximately 45% of the implementation cost, due to multiple factors, most notably extortion and bribery, and the resulting decrease in efficiency.”

Administrative procedures.

He explained that “the success of the government’s anti-corruption program will gradually contribute to reducing this unproductive cost, bringing the cost of investment closer to its fair levels based on efficiency and integrity, which will enhance the attractiveness of local and foreign investment and reduce the cost of implementing economic and social development projects.”

He added that “activating the role of oversight and auditing bodies, especially in the planning, implementation and investment spending stages, represents a fundamental pillar for reducing financial waste and establishing standards of transparency and good governance, which supports the path of sustainable development in the country with the lowest costs and the highest returns and benefits for the national economy.”

Saleh pointed out that “some circles estimate the amount of money related to corruption at about $300 billion, distributed between real estate, financial and cash funds inside and outside Iraq,” indicating that “recovering these funds is an important factor in alleviating the current financial burdens.”

He explained that “combating corruption is not limited to recovering funds, but also contributes to improving overall economic performance by reducing costs and increasing the efficiency of implementing economic activities within an environment free from corruption factors, which will positively impact reducing the deficit and public debt directly and indirectly, by enhancing the efficiency of the financial and economic performance of public budgets and the country’s resources in the future.”

Alsabaah.iq

Al-Zaidi arrives in Washington

Iraqi Prime Minister Ali al-Zaidi arrived in Washington, D.C., on Monday for an official visit, leading a delegation of politicians and businessmen. Dailynews reports

Al-Zaidi left at dawn on Monday, heading to the United States of America, on an official visit. Before leaving the country, he confirmed that he was heading to Washington at the head of a governmental and economic delegation, with the aim of translating the strength of Iraqi-American relations into economic and investment partnerships in a number of vital sectors .

Al-Zaidi said in a tweet on the X website that the delegation seeks to expand cooperation with the United States in the fields of energy, technology, infrastructure, the digital economy, and financing partnerships .

He added that the aim of the visit is to attract investments, transfer expertise, diversify the economy, and create job opportunities, which will enhance the development process and consolidate Iraq’s position as a reliable partner and an active element in the stability and prosperity of the region .

Shafaq News Agency obtained a list of the names of the government delegation accompanying Al-Zidi, which includes five ministers, deputies and advisors .

The dialogues and meetings that will take place during Al-Zidi’s visit to Washington will be based on the Strategic Framework Agreement between Iraq and the United States, and will focus on strengthening cooperation in a number of areas, most notably energy, economy, investment, development and education .

The Iraqi Prime Minister’s meetings will also include meetings with members of the US Congress, in addition to his participation in a Gulf conference in the US capital to discuss the repercussions of the Iranian war.

Shafaq.com

Following the Washington visit, a parliamentary step is expected to complete the Al-Zidi government.

Deputy Head of the Reconstruction and Development Parliamentary Bloc, Mansour al-Baiji, indicated on Monday that the remaining vacant ministerial posts in the government are likely to be approved as a single package in the near future, despite ongoing political disagreements. He emphasized the importance of completing the cabinet to proceed with implementing the government program.

Al-Baiji told the Information Agency, “Political disagreements regarding the vacant ministries persist, but they will not prevent the completion of the cabinet, as it is expected to be approved as a single package in the near future.”

He added, “Completing Prime Minister Ali al-Zaidi’s cabinet is a crucial step towards implementing the government program and addressing service, economic, and security issues.” He noted that “dialogue among political forces is ongoing to reach a final agreement on the remaining ministries.”

Al-Baiji predicted that “the vote on the cabinet will take place after Prime Minister Ali al-Zaidi’s visit to Washington, which will contribute to strengthening the stability of the government’s work and completing its ministerial formation.” Government

Almaalomah.me

Iraqi banks are permitted to disburse their customers’ dollar deposits in cash

The Central Bank of Iraq has issued a new directive to all banks, allowing the disbursement of deposits and incoming transfers in US dollars in cash, according to a document obtained by Shafaq News Agency. News

According to the document, the decision comes in implementation of the objectives of monetary policy, and to enable banks to meet the legitimate needs of their customers in US dollars, and in line with the directives of the government and the Central Bank to enhance confidence in the Iraqi dinar, digital transformation and reducing cash transactions.

The document explained that the instructions included allowing banks to open bank accounts for customers in foreign currencies acceptable to the bank, with the possibility of withdrawing funds deposited in cash or transferred to those accounts in US dollars, according to each bank’s policy.

The directive clarified that the Central Bank will fulfill the private banks’ requests for cash withdrawals of incoming dollar transfers, provided that the amounts of those transfers are deposited into one of the bank’s accounts with its correspondents abroad. These transfers shall include government contracts financed by grants or foreign loans and agreements signed with the federal government, in addition to 40% of the transfers received by Iraqi banks resulting from their exports abroad.

The document stipulated the suspension of the previous circular No. (8587) issued on January 31, 2023, with the decision to be implemented starting from July 15, 2026.

It is worth noting that an informed source revealed to Shafaq News Agency last week that the Central Bank of Iraq issued new directives to reduce the share of foreign currency (dollars) for travelers to 2,000 US dollars instead of 3,000 dollars, within the approved mechanism to meet travel requests.

Shafaq.com

Trump: We will be guardians of the Strait of Hormuz and we will charge fees for it 

US President Donald Trump announced on Monday that the United States would take control of the Strait of Hormuz, asserting that his country would impose fees in exchange for guarding the strategic waterway. Financialnews subscription

Trump said, in remarks reported by Fox News, that “the United States will be the guardian of the Strait of Hormuz.”

Trump described Iran as “a bunch of bad people,” in a reference to the continuing tension between Washington and Tehran over maritime security in the Gulf.

The US president continued: “There was an agreement with Iran, but they broke it, and they always break agreements,” noting that “Iran has nothing and action should have been taken against it 47 years ago.”

Trump announced on Sunday that the Strait of Hormuz was open to commercial shipping, despite Iran ‘s earlier announcement that it had closed the strait after a ship sailed in an unapproved route and was bombed .

Shipping data showed that the number of vessels crossing the Strait of Hormuz fell on Sunday to its lowest level in several weeks, amid renewed tit-for-tat strikes between the United States and Iran and attacks on ships in the Middle East, raising concerns about safety.

Shafaq.com

The State Administration meeting focused on al-Zaidi’s visit to Washington and the fight against corruption.

The media office of the Prime Minister, Ali al-Zidi, revealed on Sunday evening the outcomes of the State Administration meeting, which addressed a number of important issues, most notably the Washington visit and the campaign to pursue those involved in combating corruption. Dailynews reports

The office stated in a statement received by Shafaq News Agency that Al-Zaidi hosted a meeting of the State Administration Coalition at the Government Palace, in the presence of President Nizar Amidi, Speaker of Parliament Hebat Hamad Al-Halbousi, President of the Supreme Judicial Council Faiq Zaidan, and President of the Kurdistan Region Nechirvan Barzani.

During the meeting, the attendees were briefed on the arrangements and objectives related to the Prime Minister’s upcoming visit to the United States of America, and ways to utilize its expected results in a manner that serves Iraq’s interests and strengthens its international relations were discussed.

The participants affirmed their full support for the anti-corruption efforts initiated by the government and the judiciary, stressing the need to continue the campaign in accordance with the law and away from any political or selective motives. They also emphasized the importance of proceeding with the process of restricting weapons to the state, strengthening the law, and consolidating the prestige and sovereignty of the state’s constitutional institutions.

The State Administration Coalition called for prioritizing dialogue and understanding, rejecting wars and escalation in regional issues, adopting peaceful means to achieve security and stability, protecting the interests of the peoples in the region, and Iraq’s readiness to be an area for the convergence and development of interests.

Shafaq.com

Al-Zaidi leaves Baghdad for Washington

Iraqi Prime Minister Ali Faleh al-Zaidi left the capital, Baghdad, early Monday morning, heading to the United States of America on an official visit at the head of a large governmental and economic delegation. Financialnews subscription

Before leaving the country, Al-Zaidi confirmed that he was heading to Washington at the head of a governmental and economic delegation, with the aim of translating the strength of Iraqi-American relations into economic and investment partnerships in a number of vital sectors.

Al-Zaidi said in a tweet on the X website that the delegation seeks to expand cooperation with the United States in the fields of energy, technology, infrastructure, the digital economy, and financing partnerships.

He added that the aim of the visit is to attract investments, transfer expertise, diversify the economy, and create job opportunities, which will enhance the development process and consolidate Iraq’s position as a reliable partner and an active element in the stability and prosperity of the region.

Shafaq News Agency obtained a list of the names of the government delegation accompanying Al-Zidi, which includes five ministers, deputies and advisors.

The dialogues and meetings that will take place during Al-Zidi’s visit to Washington will be based on the Strategic Framework Agreement between Iraq and the United States, and will focus on strengthening cooperation in a number of areas, most notably energy, economy, investment, development and education.

The Iraqi Prime Minister’s meetings will also include meetings with members of the US Congress, in addition to his participation in a Gulf conference in the US capital to discuss the repercussions of the Iranian war.

Shafaq.com

The Iraqi judiciary seizes properties and factories worth 69 billion dinars in the Al-Jumaili case.

The Iraqi Judicial Council announced on Monday the seizure of properties and factories worth 69 billion dinars in the case of the Deputy Minister of Oil for Liquidation Affairs, Adnan al-Jumaili. News

The Nineveh Investigation Court, which specializes in integrity cases, explained that judicial decisions were issued to seize 9 commercial properties and 3 flour production plants in the city of Mosul, with a total value of about 69 billion Iraqi dinars, in addition to 7 modern transport trucks, each valued at $200,000, in the case of the accused Undersecretary of the Ministry of Oil for Liquidation Affairs, Adnan al-Jumaili, who is currently detained, and the parties involved with him in money laundering and financial corruption crimes.

The court added that the market value of the commercial properties located in the city center is about 45 billion dinars, while the value of the flour mills is estimated at 24 billion dinars, indicating that the fugitive defendants registered these properties in the names of their workers, in order to disguise and conceal their illegal source.

According to the court, given that these properties and factories are productive and generate continuous profits, it was decided to appoint judicial guardians to manage and maintain them, in order to ensure their continued operation and secure the receipt of all their financial returns.

Earlier today, the Iraqi judiciary announced the recovery of 375 kilograms of gold in the case of the Deputy Minister of Oil for Refining Affairs, Adnan al-Jumaili, in coordination with the Kurdistan Region.

A wave of arrests has been launched in Iraq, targeting political officials, members of parliament, and businessmen as part of an anti-corruption campaign, which Prime Minister Ali al-Zubaidi described as the “first phase” of broader measures to recover public funds, while tasking oversight bodies with receiving any indications related to cases of corruption or negligence in state institutions .

The Federal Integrity Commission stated that arrest warrants are carried out in accordance with the law and under judicial supervision. According to judicial sources, the investigation data indicates that new files will continue to be opened that may affect other figures in the coming period, as part of efforts to recover public funds and prosecute those involved inside and outside Iraq.

Shafaq.com

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Rafidain Bank: Settlements for electronic collections in favor of government departments exceeded 3.6 trillion dinars

Rafidain Bank announced on Friday that it had processed over 3.6 trillion Iraqi dinars in electronic payments to government departments during the second quarter of 2026. A statement from the bank indicated that “Rafidain Bank announced the processing of electronic payments to government departments amounting to 3,635,131,026,267 Iraqi dinars (three trillion, six hundred and thirty-five billion, one hundred and thirty-one million, twenty-six thousand, two hundred and sixty-seven Iraqi dinars) during the second quarter of 2026, an achievement that reflects the continued implementation of the government’s digital transformation program and the development of the public financial management system.” Currencies& Foreign Exchange

The bank indicated that “the number of electronic collection settlements implemented during the period reached 244,081 settlements, which confirms the continued expansion in the use of electronic collection systems and the enhancement of the efficiency of government revenue management.”

The bank also noted “the increase in the number of government departments activating the electronic collection system to 2,739 departments during the second quarter of 2026, compared to 1,979 departments during the same period of 2025, reflecting the expansion of the application of the electronic system and the acceleration of the pace of digital transformation in state institutions.”

Burathanews.com